the CEO of Ark investment suggests we won’t see an SEC approved Bitcoin Exchange Traded Fund (ETF) until the crypto’s market cap hits $2B. For reference Yahoo’s data puts Bitcoin presently at roughly $600B market cap, the entire crypto market at a little more than $1B. About a one minute read.
Comment: the most important point from the Coindesk article is this: ‘Wood was bullish on bitcoin’s prospects under Gary Gensler, the former CFTC commissioner and MIT digital currency professor who has been nominated to lead the SEC by President Joe Biden. Wood called Gensler “very pro bitcoin” and praised the SEC’s crypto savvy leadership.’
Central Bank Cryptocurrencies (CBCC) are coming, and soon. I’ve previously written about China’s advanced state of CBCC deployment. The West is playing catchup here and China is far in the lead.